The global lithium compounds market is projected to reach USD 5.87 Billion by 2020, at a CAGR of 13.22% between 2015 and 2020.
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Li-ion batteries is the largest application segment
Li-ion batteries is the largest application for lithium compounds, in terms of value and volume. The demand for li-ion batteries is growing in countries such as China, India, South Korea, Brazil, and Czech Republic for new generation energy electronic devices like cameras, high performance portable computing devices, and electric vehicles. This in turn is driving the growth of lithium batteries.
Glass & ceramics is the second-largest segment and is projected to register significant growth in the coming years; driven by huge investments in new infrastructure developments, new housing projects, and renovation of non-residential buildings in the U.S., China, India, and the U.K.
The lithium hydroxide segment is the fastest-growing derivative, by volume
Lithium hydroxide is growing at the highest CAGR in terms of volume, from 2015–2020. This derivative is mainly used in industrial lubricant, active cathode in batteries, and others. Also, due to better properties than other concentrates, it is mostly preferred for new battery technologies.
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Asia-Pacific is the largest geographical market segment
Asia-Pacific is the largest market for the lithium compounds. The rising demand for new energy storage application in vehicles, grid connected energy storage, and high requirements of consumer gadgets are expected to change the market dynamics.
North America is an emerging market for lithium compounds, due to the increasing demand from end-user industries. This region constitutes the second-largest market for lithium compounds consumption in 2014.
An in-depth market share analysis, in terms of revenue, of the top companies is also included in the report. These numbers are arrived at based on key facts, annual financial information from SEC filings, annual reports, and interviews with industry experts, key opinion leaders such as CEOs, directors, and marketing executives. Some of the major market players operating in this market are SQM (Chile), Albemarle Corporation (U.S.), FMC (U.S.), Sichuan Tianqui lithium (China), and Jiangxi Ganfeng Lithium Co., Ltd (China) are the key players actively present in the lithium compounds market.
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Aromatic Compounds market research report displays an absolute outline of the market that considers various aspects such as product definition, customary vendor landscape, and market segmentation.
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The report "Lithium Compounds Market by Derivative (Lithium Carbonate, Lithium Hydroxide, Lithium Concentrate, Lithium Metal, Butyl Lithium, Lithium Chloride), End Use (Li-Ion Batteries.
Glass & Ceramics, Medical, Lubricants), and Region - Global Forecast to 2025" The lithium Compounds market is projected to grow from USD 5.3 billion in 2020 to USD 13.5 billion by 2025, at a CAGR of 20.6% from 2020 to 2025.
The market growth is driven by the increasing demand for lithium compounds from end uses such as Li-ion batteries, glass & ceramics, polymers, and lubricants, among others.Get PDF brochure of the report: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=167191191Browse 543 market data Tables and 60 Figures spread through 390 Pages and in-depth TOC on "Lithium Compounds Market” The lithium carbonate derivative segment accounted for the largest share of the lithium compounds market in 2019.By derivative, the lithium carbonate segment accounted for the largest share of the lithium compounds market in 2019.
Li-ion batteries have become the gold standard for electric vehicles because they store more power per unit of weight compared to alternatives such as nickel-cadmium.
With the world set to move towards the “ion-age” for power generation, considerable growth is expected from this segment in the coming years.Asia Pacific accounted for the largest share of the global lithium compounds market in 2019Asia Pacific is the dominant market for lithium compounds, as this region includes countries with a high population, emerging economies, and increasing urbanization.
Also, major Li-ion battery manufacturing companies such as LG Chem, Panasonic Corporation, Toshiba Corporation, Amperex Technology, and Automotive Energy Supply Corporation are located in the Asia Pacific region.Sociedad Quimica y Minera de Chile S.A. (SQM) (Chile), Livent Corporation (US), Albemarle Corporation (US), Tianqi Lithium Industries Inc. (China), and Ganfeng Lithium Company Limited (China) are key players in this market.
